Heat a dutch oven with 1 tablespoon of the olive oil over medium-high heat.
Add as much chicken as will fit in the pan without crowding – cook until the chicken it is golden brown on the bottom, 3-4 minutes. Turn the chicken over and cook until the other side is browned, 3-4 minutes longer; the chicken will still be pink inside.
Transfer the chicken to a large plate. Repeat until all of the chicken is browned.
Pour off all but 1 Tbs of oil, and melt the butter in the skillet over medium heat.
Add the onion and bell peppers and cook until the vegetables start to become tender, 3-4 minutes.
Add the garlic, cumin, oregano and cook, stirring, about 1 minute.
Add the rice and stir well to allow the oil to coat each grain, then add the wine (if usinand allow to deglaze.
Add the bay leaves, stock, smoked paprika and saffron. Bring to a boil.
Add chicken to top of rice and juices. Reduce heat, cover, and simmer until chicken is cooked, rice is tender and most of the liquid has been absorbed (25-30mins)
Sprinkle the frozen peas over the top and red peppers.
Cover and cook until heated through.
Remove bay leaves and serve.